Entry for security deposits

Parikshit Bapat (Jr. Accountant) (37 Points)

10 April 2012

Hello,

What could be the Accounting Entry if a Company Accepts Security Deposits which need to be pay back after the complition of tenure or Contract. ?

What will be the gouping of Accounts involved in the same ?

Reply
Follow
Share

1 Replies

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 10 April 2012

the entry for the Security Depsits would be as follows:

Bank A/c Dr xxxx

To- Security Deposits Payable xxxx

As per the revised Schedule Vi the Security deposits should be shown under the head Non-current Liabilities in sub-head loOther Long Term Liabilities

Start a New Discussion